Lesson 1 - Earning money 1
Introduction
In this lesson you will:
learn about types of income
convert income time periods
figure out how much money you could earn from an after school job
compare the benefits and disadvantages of some of different ways to earn money.
Background information
There are a variety of ways that people can an earn an income. Some of the more popular types are:
wages
salaries
commissions
piecework.
You can also receive extra money if your job requires you to take risks such as:
working at heights,
working below ground (land and sea),
working with dangerous chemicals and pressures, etc.
Penalty rates can also be paid to you for working at different times.
To help you throughout these lessons, you can access the myfuture website .
Log in with your NSW Department of Education details.
You can explore occupations and different industries to support you in your research to find details about pay rates, working hours and conditions.
You can also access the Fair Work Pay Calculator on the Fair work Ombudsman website. This will provide you with more information on penalty rates and allowances.
If you need help, watch the video, Calculating Pay, on how to use the pay calculator.
Calculating Pay
Duration: 2:40
Activity 1 - Converting income time periods
Money can be paid to us over different time periods:
hourly
daily
weekly
fortnightly
monthly
yearly.
We need to be able to change these amounts between the different time periods to suit different situations.
Remember:
1 year can be expressed as 12 months, 26 fortnights and 52 weeks.
1 week is 7 days
1 fortnight is 2 weeks.
Monthly, however, is not the same as 4 weeks as most months have more than 28 days, so when we change from monthly to weekly, we need to change to yearly first.
Example, converting $6000 per month to weekly.
When we give our final answer as an amount of money, we round the number to two decimal places.
Activity 2 - Earning money to make a purchase
Task 1
Think of an item you would currently like to purchase that is worth over $500.
Answer the following questions in your exercise book or folder.
Research the income paid for a job you can do after school, for example, retail food employee, car cleaner or cinema worker.
Use the Fair Work Pay Calculator, the myfuture website or talk to someone you know to get accurate information on rates of pay.
Work out the number of hours you can work in a week, based on your current school and activity schedule.
Figure out how long will it take you to save up enough money to buy the item you want?
To calculate your pay, firstly work out the number of hours worked and then multiply by the hourly rate.
Example:
I picked up casual work mowing lawns on the weekend. I work 8 hours each weekend and receive $18.30 per hour.
Task 2
Have a look at the two jobs in the interactive below.
Task 3
Complete the Comparing types of work activity Google Doc to explain the benefits and disadvantages of the different payment types.
Click on the button to open a new tab and view the Google Doc.
Click on the Use Template button to create a copy for you to edit.
The following YouTube videos will help your complete the activity:
Activities too easy?
Note: These tasks can either be done in Lesson 1A or Lesson 1B.
Task 1 - How do Australian families compare to other families around the world?
Access the following websites to compare the income levels of different families across the world.
Select 2 different families from two different countries on the dollar-street website, who earn a similar level of income and read further information into their lives.
In your exercise book or folder answer the following questions:
What do you notice about how they live and what their income affords them?
What do you wonder about how they live and what their income affords them?
Task 2 - The Game of Life
If you have access to the board game Game of Life, you can play a game and spend some time in the beginning converting player’s salaries into different time periods, such as yearly to monthly and weekly. This board game covers earning money and budgeting.
Handing in your work
Don't forget to hand in the work you completed today!
Your teacher will have told you to do one of the following:
Upload any digital documents you created and any photos you took of your written work to your Learning Management system (MS Teams, Google Classroom for example).
Email any digital documents you created and any photos you took of your written work to your teacher.
Make sure you keep any hand written work you did in your exercise book or folder as your teacher may need to see these when you are back in class.